Tuesday, August 30, 2011

More Poor Economic News

Taking a break from the 24/7 hysteria of Tropical Storm Irene, we need to examine more poor economic news coming from Connecticut and our nation.
From Connecticut I envision many taxpayers not fully understanding the new higher retroactive tax rates coming out of our one party rule in Hartford and ending up owing much more in state income taxes come filing time. Trying to understand the retroactive part of this rate is nearly impossible if one was to read the Department of Revenue Services website. Maybe it could be explained in plain English for a change.
Also from Connecticut the obvious costs of the storm will be enormous, the losses will be staggering and forthcoming will be increases for all for their property insurance whether or not a claim has been filed or not.
On a National level, not even mentioning the still out-of-control National Debt, is the now downward revision of economic growth to less than 1% for the last quarter. For any economy to expand its needs strong economic growth which our country does not have now. Couple this with a real unemployment rate of 18+% and you spell recession/depression for the remainder of this year and next. Economic gloom is here and will remain with the economically irrational policies of the Obama Administration. Mercifully I can truly see a new President being elected come November.
More poor economic news, more to come.

Tuesday, August 23, 2011

Why Not Write The Check Warren?

Why not write it? I continue to be amazed at Warren Buffet and his demand to pay more taxes. His $6,938,744 that he paid last year in Federal taxes apparently was not enough. Why not write the check then Mr. Buffet? There is a way for any taxpayer to pay more in taxes to our spendthrift Federal government. Way back in 1843, an account was formed so that citizens could give gifts to the government including money.
From the US Treasury Website:
Gift Contributions to Reduce Debt Held by the Public

The Bureau of the Public Debt may accept gifts donated to the United States Government to reduce debt held by the public. Acting for the Secretary of the Treasury, Public Debt may accept a gift of:

Money, made only on the condition that it be used to reduce debt held by the public.
An outstanding government obligation, made only on the condition that the obligation be retired and the redemption proceeds used to reduce debt held by the public.
Other intangible personal property made only on the condition that the property is sold and the proceeds from the sale used to reduce the public debt.
Gifts to reduce debt held by the public may be inter vivos gifts or testamentary bequests.

Thus in Fiscal Year 2011 $2,035,349.94 has been given so far. With a $14.5 trillion dollar debt it helps buy our government a few more seconds of deficit spending.

So again I ask why can't Mr. Buffet and his liberal friends put their money where their mouths are? Send your billions to pay off the national debt. Your illogical economic arguments about higher taxes leave a great deal to be desired. Higher taxes on people who earn $250,000 and more are stale and do little to help our economy or economic growth. Those are income earners who are paying the bulk in taxes, not you Mr. Buffet and your liberal rich friends. Maybe Congress could pass a Buffet tax. A tax to bring your tax rate to lets say 90%? Or how about 100%? If that were to happen watch the outcry by these same liberal rich folks-how dare you take our hard earned income! But it is acceptable to tax our $250,000 millionaires in our economy?
Just write the check.

Tuesday, August 16, 2011

The Tea Party-Alive and Well

Liberals and Democrats seem to strongly dislike the Tea Party movement. Why? The Tea Party movement in my economic opinion is long overdue. It is a grassroots movement which has a simplistic and long overlooked economic premise. You can only spend as a government what you have and no more. Deficits and debt compromise the economic well being, economic growth, jobs and interest rates of any economy. The out-of-control spending and debt crisis of the Obama Administration has helped fuel this resistance movement for our economy. It is not radical nor does it vote in Congress. It is an economic movement which has been long overdue in our economy.
Taxpayers are fed up with the waste and fraud of our government's spending and lack of checks and balances when it comes to deficits and debt. The Tea Party movement addresses these concerns. And the truth hurts both sides of the political aisle. And the truth especially hurts a liberal and biased media in our economy.
The Tea Party is here to stay no matter what a biased poll states. The Tea Party movement is the only remaining check to balance out-of-control governmental deficits and debt. The Tea Party movements strength is only beginning to show and it will grow even more so with the upcoming Presidential election. Yes, liberals the Tea Party is here to stay.

Wednesday, August 10, 2011

Debt and More Debt

And the debt continues. Congress and the President choose to avoid economic reality with the new/old debt ceiling lie. We can see no meaningful reductions in federal spending nor any economic efficiencies taking place with this new deal.
And the blame is everywhere depending on whose side you take. However in my economic opinion to blame the Tea Party movement is illogical and irrational. Our government can not sustain uncontrollable spending in which the bulk of the money they are spending is just paying interest on the national debt itself. It is totally non productive. The Tea Party movement has brought this issue of uncontrollable spending out in the open for all to see and for all to be upset by. Look at the money middle income taxpayers are spending to support this economic debacle. General Electric is not paying these taxes, nor is Warren Buffet. I have never heard General Electric, Bill Gates or Warren Buffet offering to give the government a few billion to pay down the national debt. Middle income taxpayers are paying it. You are not rich if you earn $200,000 a year nor should have to make up for what these companies and individuals are not paying in taxes.
And the debt continues ad infintum (Latin: to infinity-if there is still one).